Nurburgring has a new owner

Germany's Nurburgring has been sold to motor sport industry supplier Capricorn Group for more than 100 million euros ($154m), ending a months-long search to find new owners for the world's longest racetrack, which became insolvent in 2012.

Capricorn's offer beat out a rival bid from buyout firm H.I.G Capital, the administrator for Nurburgring, GmbH, said at a press conference on Tuesday.

"It was a close decision," administrator Jens Lieser said, adding that the deal included a pledge to invest around 25 million euros ($39m) to expand the facilities around the Nurburgring.

The assets acquired by Capricorn include an amusement park and two racetracks: a modern 5.1km Formula One circuit and the Nordschleife, a treacherous 20.8km track first built in 1927, which is now used by the auto industry to hone vehicle dynamics for passenger cars.

Previous efforts to build out the Nurburgring into a resort for car fanatics faltered after the company became insolvent, loaded with debt equivalent to around 50 years' worth of annual profit.

Today, the old track's 73 bends, sharp crests and off-camber surfaces are used by car manufacturers to fine tune suspension and chassis settings.

South Korean budget brand Hyundai spent nearly 7 million euros ($11m) building a new trackside test centre, one of five carmakers to do so, in the hope of narrowing a perceived gap with European rivals in ride and handling.

German carmakers in particular have long had an affinity with the track. Daimler traces its "Silver Arrow" heritage back to the 1934 Eifel Race around the Nordschleife, or its northern loop, which it won after the Mercedes team famously scraped the car's white paintwork off the metal body to save weight.

- Reuters

5 comments so far

Surprised Porsche didn't buy it up and then ban Nissan from going anywhere near it.

Commenter

Abioye Mboma

Location

Date and time

March 12, 2014, 9:21AM

Why, as far as I understand, Nissan lap times have yet to be independently verified.

Commenter

Glove Puppet

Location

Left Field

Date and time

March 12, 2014, 11:59AM

Nissan do a good enough job of embarrassing themselves as it is. Porsche are absolutely on top when it comes to sports cars.

I know you're trying to troll, but think about lessons next time

Commenter

@Nathan_Wind

Location

Find me at the above handle

Date and time

March 12, 2014, 12:15PM

I am totally surprised no car manufacturers bid for this historical track. with the amount of testing done, it's an absolute steal for big company with only $154mil when the Ring time is now default performance gauge for any sportscars/supercars.

Commenter

FtD

Location

Pyrmont

Date and time

March 12, 2014, 9:38AM

When I saw the headline the first thing that came to mind was, yah Tony Quinn strikes again.